Late rally swept Wall Street on Tuesday – 6/8/10

The stock market shot up in the final hour of trading on Tuesday. There wasn’t much news to account for the buying frenzy, although Fed chief Ben Bernanke had some reassuring words. Rather, it appeared to be mainly a bargain-hunting bounce-back from two days of hefty declines. The Dow Jones Industrial Average ended the day up 123 points, or 1.3%, at 9,940. Broadcasting stocks, however, were not so lucky.